1 Apr 2016 09:47
1 April 2016
JUST EAT plc
("JUST EAT", the "Company" or the "Group")
Completion of Acquisition of takeaway food business in Spain
JUST EAT plc (LSE: JE.), the world's leading digital marketplace for takeaway food delivery, is pleased to announce that it has today received approval from the local competition authority, the Comisión Nacional de los Mercados y la Competencia for its acquisition of La Nevera Roja in Spain from Rocket Internet (the "Approval"). The transaction is now expected to close within the next few business days.
The acquisition was previously announced on 5 February 2016, along with the acquisition of businesses in Italy, Mexico and Brazil, which closed at that time.
The acquisition of La Nevera Roja is highly complementary to JUST EAT's Spanish businesses. It will bring additional scale, focus, and new talent to our existing operations and will enable the company to offer an enlarged customer base for takeaway restaurants, as well as greater choice for consumers.
The transaction creates clear market leadership in Spain, with the compelling economic benefits of scale that lead, in time, to material synergies and meaningfully higher sustainable margins.
David Buttress, CEO, commented:
"This acquisition, along with the acquisitions in Italy, Mexico and Brazil consolidate our market leadership in a number of geographies where the digital marketplace for takeaway food delivery is growing strongly. We look forward to using our increased volume and scale to drive value for our shareholders and restaurant partners, as well as improving the takeaway experience for consumers.
"The integration process is proceeding according to plan in those markets where the acquisitions have already closed. In Spain, we look forward to welcoming La Nevera Roja to the JUST EAT family."
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Enquiries:
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JUST EAT | +44 (0)20 3667 6900 |
Adam Kay, Head of Investor Relations |
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Brunswick Group LLP | +44 (0)20 7404 5959 |
Sarah West, David Litterick, Chris Buscombe |
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Forward looking statements:
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements. Any forward-looking statements in this announcement reflect management's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, the Company undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations or to reflect events or circumstances after the date of this announcement.
About JUST EAT:
JUST EAT plc operates the world's leading digital marketplace for takeaway food delivery. Headquartered in London, we use proprietary technology to offer a quick and efficient digital ordering service for over 13.4 million users and over 61,000 takeaway restaurants. JUST EAT is a member of the FTSE 250 Index.